Rocket Companies Inc (RKT)

[ProfitScout]

$RKT News: ROCKET COMPANIES ANNOUNCES SECOND QUARTER RESULTS

- Achieved record purchase closed loan origination volume, nearly doubling year-over-year

- FOURTH CONSECUTIVE QUARTER OF MEETING OR EXCEEDING GUIDANCE FOR CLOSED LOAN, NET RATE LOCK VOLUME, AND GAIN ON SALE MARGINS
- GENERATED REVENUE, NET OF $2.7 BILLION AND ADJUSTED REVENUE OF $2.8 BILLION¹
- DELIVERED NET INCOME OF $1.0 BILLION AND ADJUSTED NET INCOME OF $0.9 BILLION¹

DETROIT , Aug. 12, 2021 /PRNewswire/ -- Rocket Companies, Inc. (NYSE: RKT) ("Rocket Companies" or the "Company"), a Detroit -based holding company consisting of tech-driven real estate, mortgage and eCommerce businesses – including Rocket Mortgage, Rocket Homes, Amrock and Rocket Auto – today announced results for second quarter of 2021.

"Our mortgage, real estate, auto and personal finance brands, powered by the tech-driven Rocket platform, delivered a strong second quarter," said Jay Farner , Vice Chairman and CEO of Rocket Companies.

"Our record purchase mortgage volume puts us well on the path to our goal of becoming the largest retail home purchase lender in the nation by the end of 2023. That strong momentum will carry us into the second half of the year, as we expect our 2021 mortgage origination closed loan volume to exceed 2020's record performance of $320 billion . Our newer businesses Rocket Homes, Rocket Auto and solar program leverage our existing platform and represent significant growth opportunities."

Second Quarter Financial Summary 1

ROCKET COMPANIES
(Units in '000s, $ amounts in millions, except per share)

Q2-21
Q2-20
Q2-19
YTD 21
YTD 20
YTD 19

(Unaudited)
(Unaudited)
Total revenue, net
$
2,669

$
5,036

$
937

$
7,253

$
6,402

$
1,569
Total expenses
$
1,608

$
1,550

$
990

$
3,349

$
2,816

$
1,921
Net income (loss)
$
1,037

$
3,464

$
(53)

$
3,814

$
3,563

$
(352)












Adjusted Revenue
$
2,790

$
5,310

$
1,328

$
6,830

$
7,420

$
2,281
Adjusted Net Income
$
920

$
2,851

$
261

$
2,691

$
3,507

$
284
Adjusted EBITDA
$
1,279

$
3,841

$
398

$
3,685

$
4,762

$
479












GAAP Diluted EPS
$
0.40

N/A

N/A

$
1.46

N/A

N/A
Adjusted Diluted EPS
$
0.46

N/A

N/A

$
1.35

N/A

N/A




















(Units in '000s, $ amounts in millions)















Q2-21
Q2-20
Q2-19
YTD 21
YTD 20
YTD 19
Select Metrics
(Unaudited)
(Unaudited)
Closed loan origination volume
$
83,764

$
72,324

$
31,961

$
187,289

$
124,028

$
54,280
Gain on sale margin
2.78
%
5.19
%
3.23
%
3.29
%
4.45
%
2.97
%
Net rate lock volume
$
83,586

$
91,978

$
34,109

$
178,702

$
148,028

$
61,255
Amrock closings (units)
260.3

240.4

88.8

609.1

406.3

162.7
Rocket Auto car sales (units)
15.6

6.4

3.8

29.2

14.7

7.4
Second Quarter Highlights

Financial Highlights
During the second quarter of 2021:

Generated total revenue, net of $2.7 billion and Adjusted Revenue of $2.8 billion in Q2 '21, both more than double Q2 '19. We compare certain revenue and profitability measures to 2019 as we experienced a historically low interest rate environment in combination with limited industry capacity during 2020.
Rocket Mortgage generated $84 billion in mortgage origination closed loan volume and gain on sale margin of 2.78%. Our closed loan volume was more than double Q2 '19 and exceeded that of the entire year of 2018.
Q2 '21 represented Rocket Mortgage's strongest purchase closed loan volume in company history. Our purchase volume was nearly double both Q1'21 and Q2'20 levels, driven by our focus on a superior, technology-driven client experience, product innovation and our integrated, end-to-end home buying ecosystem.
Generated $376.4 million of other income in Q2 '21, driven primarily by Amrock, our title insurance services, property valuation, and settlement services company, which generated 260,300 closings, up 193% from Q2 '19.
Generated net income of $1.0 billion , which exceeded full year 2019 net income of $0.9 billion and Adjusted Net Income of $0.9 billion during Q2 '21, which was more than triple Q2 '19 levels, demonstrating the scalability of our platform.
Achieved Adjusted EBITDA of $1.3 billion during Q2 '21, more than triple Q2 '19 levels. Our Adjusted EBITDA margin was 46% for Q2 '21, which compares to 30% for Q2 '19, demonstrating the scalability of our platform.
Grew servicing book unpaid principal balance to $507 billion at June 30, 2021 , up 34% from June 30, 2020 and 50% from June 30, 2019 . Our servicing portfolio includes approximately 2.4 million clients and generates more than $1 billion of recurring servicing fee income on an annualized basis.
Company Highlights
Rocket Platform

Rocket Mortgage was again named #1 in the nation for client satisfaction in mortgage servicing by J.D. Power for 2021. The award recognizes the outstanding client service Rocket Mortgage provided to help clients during the pandemic. This is the 8th consecutive year Rocket Mortgage has earned the accolade, which is based entirely on client feedback collected by the independent research firm. Rocket Mortgage has taken home 19 J.D. Power awards in the last 12 years, including its 11 consecutive rankings for mortgage origination, making it the most awarded company in the study.
Our Rocket Mortgage net client retention rate was 90% over the 12 months ended June 30, 2021 . There is a strong correlation between this metric and client lifetime value, and we believe our net client retention rate is unmatched among mortgage companies and on par with some of the best performing subscription business models in the world.
Rocket Homes, our tech-based real estate service provider and home search site, grew its home search tool and now includes listings from all 50 states. RocketHomes.com, the home search site, reached nearly 2 million average unique monthly visitors, increasing six-fold in Q2 '21 as compared to Q2 '20.
In Q2'21, Rocket Homes' agent referral network drove a record $2 billion real estate transaction value, representing the value of homes purchased and sold through our real estate agent network. In addition, approximately 70% of Rocket Homes closings involve both an agent in the Rocket Homes real estate agent network and Rocket Mortgage. This mortgage attach rate is among the highest in the industry and the increased level of engagement that occurs when clients work with both Rocket Homes and Rocket Mortgage drives higher levels of lead conversion for Rocket Mortgage.
Rocket Homes recently announced a comprehensive suite of services that includes: credit reporting, RocketHomes.com and ForSaleByOwner.com marketplaces, on-staff real estate agents, a nationwide network of trusted real estate professionals, iBuying services to provide a back-up offer to sellers - along with direct connections to Rocket Mortgage, America's largest mortgage lender, and Amrock, a premier closing and settlement services provider. Rocket's iBuyer program, facilitated through third-party partner companies, will be released over the next several quarters.
Rocket Auto, our automotive retail marketplace, facilitated the sale of 15,600 auto units, up more than 9,200 units, or 143%, as compared to Q2'20. Gross Merchandise Value 2 for Q2 '21 was $484 million , more than tripling year-over-year. In Q2'21, one of the largest online sellers of used cars joined Rocket Auto's partnership network, giving Rocket Auto access to tens of thousands of additional used cars to sell through its constantly expanding platform.
We recently announced our entry into the solar energy industry to help make American homes more energy efficient. The solar industry in the U.S is at a growth inflection point, with more than 2 million solar installations in the U.S., reaching a record high in 2020. By 2030, the solar market is expected to quadruple, with 1 in 8 American homes expected to adopt solar, according to a 2021 joint study by the Solar Energy Industries Association and Wood Mackenzie. Rocket will extend its technology, data and client experience to simplify the solar experience for homeowners and connect homeowners with simple, digital financing solutions. The pilot program will begin in the fourth quarter of 2021, and officially launch to the public in early 2022.
We forged a new relationship with MassMutual, enabling its 9,000-plus agents to help originate home loans through Rocket Mortgage.
Technology and Product

Technology and data continue to drive better client experiences, increase conversion and streamline workflows across our platform. During 2021, intelligent client targeting models were deployed to over 80% of our client leads, resulting in $4 billion of incremental application volume this year through increased conversion.
Over the past month, more than 20,000 unique mortgage professional visitors relied on Rocket's broker tools to access knowledge at their fingertips and to get mortgage applications to the finish line. Pathfinder, our centralized digital database of rates and policies tool developed in partnership with Google, has become one of the top industry resources for mortgage brokers. Rocket Connect provides our brokers with a fast, simple way to communicate with experts.
The number of real estate agents that have signed up for Rocket Pro Insight (RPI) more than tripled to approximately 50,000 as of June 30, 2021 , up from approximately 14,000 on December 31, 2020 . RPI is our digital platform providing real estate agents with real-time updates on the status of their clients' mortgages and the ability to assist in the mortgage process.
Lendesk, our fintech provider servicing the Canadian broker space, added an alternative lending section to Lender Spotlight, its centralized digital database of Canadian mortgage rates and policies, to include more than 20 alternative funding lenders. Lender Spotlight is integrated with Finmo, Lendesk's digital mortgage application product, and serves as a go-to resource for brokers to search for and be matched with the right products and loans, suited to specific criteria.
Additional Highlights

Last month, we sponsored our flagship golf event, Rocket Mortgage Classic, a PGA tournament held in Detroit which showcases the best talent in golf and further raises the profile of Rocket Mortgage's brand. Rocket Mortgage also recently expanded its professional golf roster, signing a partnership with 14-time winner Lexi Thompson .
Quicken Loans officially changed its name to Rocket Mortgage on July 31 . The change brings alignment to the overall Rocket brand, associating the company's core tenets of trust, client service, technology with Rocket's end-to-end home buying ecosystem, from home search to mortgage closing.
Supporting Our Communities

For the second year in a row, net proceeds raised by Rocket Mortgage Classic funded the 'Changing the Course' initiative, which aims to provide all Detroiters access to the internet and technology and digital literacy training within five years. The initiative strives to bridge the acute digital divide in Detroit , where nearly one-third of homes lack broadband.
We continue to make progress in our commitment to end veteran homelessness in Detroit and across the country. Our philanthropic partner company, Rocket Community Fund, recently joined forces with the Home Depot Foundation and Detroit Rescue Mission to develop more than 60 units of permanent supportive housing for veterans through a $750,000 philanthropic investment. Since December 2017 , when we first announced our commitment to end veteran homelessness in Detroit , we have seen a 43% decrease in the number of veterans experiencing homelessness.
Third Quarter 2021 Outlook
We expect the following ranges in Q3 2021:

Closed loan volume of between $82.0 billion and $87.0 billion .
Net rate lock volume of between $83.0 billion and $90.0 billion .
Gain on sale margins of 2.70% to 3.00%.
Direct to Consumer
In the Direct to Consumer segment, clients have the ability to interact with Rocket Mortgage online and/or with the Company's mortgage bankers. The Company markets to potential clients in this segment through various brand campaigns and performance marketing channels. The Direct to Consumer segment derives revenue from originating, closing, selling and servicing predominantly agency-conforming loans, which are pooled and sold to the secondary market. The segment also includes title insurance, appraisals and settlement services complementing the Company's end-to-end mortgage origination experience. Servicing activities are fully allocated to the Direct to Consumer segment and are viewed as an extension of the client experience. Servicing enables Rocket Mortgage to establish and maintain long term relationships with our clients, through multiple touchpoints at regular engagement intervals.

DIRECT TO CONSUMER 3
($ amounts in millions)


Q2-21
Q2-20
YTD 21
YTD 20

(Unaudited)
(Unaudited)
Funded loan volume
$
48,902

$
46,777

$
113,931

$
78,468
Funded loan gain on sale margin
4.66
%

5.09
%

5.06
%

4.93
%
Revenue, net
$
2,222

$
3,939

$
5,944

$
4,981
Adjusted Revenue
$
2,343

$
4,213

$
5,521

$
5,999
Contribution margin
$
1,435

$
3,264

$
3,595

$
4,269
















Partner Network
The Rocket Professional platform supports our Partner Network segment, where we leverage our superior client service and widely recognized brand to grow marketing and influencer relationships, and our mortgage broker partnerships through Rocket Pro TPO. Our marketing partnerships consist of well-known consumer-focused companies that find value in our award-winning client experience and want to offer their clients mortgage solutions with our trusted, widely recognized brand. These organizations connect their clients directly to us through marketing channels and a referral process. Our influencer partnerships are typically with companies that employ licensed mortgage professionals that find value in our client experience, technology and efficient mortgage process, where mortgages may not be their primary offering. We also enable clients to start the mortgage process through the Rocket platform in the way that works best for them, including through a local mortgage broker.

PARTNER NETWORK
($ amounts in millions)


Q2-21
Q2-20
YTD 21
YTD 20

(Unaudited)
(Unaudited)
Funded loan volume
$
30,120

$
19,732

$
70,849

$
39,064
Funded loan gain on sale margin
1.16
%

2.10
%

1.60
%

1.45
%
Revenue, net
$
319

$
783

$
1,042

$
1,018
Adjusted Revenue
$
319

$
783

$
1,042

$
1,018
Contribution margin
$
143

$
643

$
686

$
786
















Balance Sheet and Liquidity
We remain in a strong liquidity position, with total liquidity of $7.8 billion , which includes $2.0 billion of cash on-hand, $2.4 billion of corporate cash used to self-fund loan originations, a portion of which could be transferred to funding facilities (warehouse lines) at our discretion, $3.1 billion of undrawn lines of credit from non-funding facilities, and $0.3 billion of undrawn MSR lines. Our available cash position was $4.4 billion , which includes cash on-hand and corporate cash used to self-fund loan originations.

BALANCE SHEET HIGHLIGHTS
($ amounts in millions)


June 30, 2021
December 31, 2020

(Unaudited)

Cash and cash equivalents
$
1,975

$
1,971
Mortgage servicing rights ("MSRs"), at fair value
$
4,644

$
2,863
Funding facilities
$
17,221

$
17,743
Other financing facilities and debt
$
5,199

$
3,678
Total equity
$
8,186

$
7,882
Second Quarter Earnings Call
Rocket Companies will host a live conference call at 4:30 p.m. ET on August 12, 2021 to discuss its results for the quarter ended June 30, 2021 . A live webcast of the event will be available online by clicking on the " Investor Info " section of our website. The webcast will also be available via rocketcompanies.com .

A replay of the webcast will be available on the Investor Relations site following the conclusion of the event. If you are having issues viewing the webcast, please see the event help guide at the link here .

Condensed Consolidated Statements of Income
($ In Thousands, Except Shares and Per Share Amounts)
(Unaudited)


Three Months Ended June 30,
Six Months Ended June 30,

2021
2020
2021
2020

(Unaudited)
(Unaudited)
Income






Revenue






Gain on sale of loans






Gain on sale of loans excluding fair value of MSRs, net
$
1,484,378

$
4,083,661

$
3,863,656

$
5,370,351
Fair value of originated MSRs
857,111

669,923

2,030,275

1,205,342
Gain on sale of loans, net
2,341,489

4,753,584

5,893,931

6,575,693
Loan servicing (loss) income






Servicing fee income
343,349

249,842

635,710

506,935
Change in fair value of MSRs
(414,745)

(552,844)

(168,824)

(1,544,096)
Loan servicing (loss) income, net
(71,396)

(303,002)

466,886

(1,037,161)
Interest income






Interest income
86,645

78,039

181,890

152,081
Interest expense on funding facilities
(64,378)

(53,757)

(132,222)

(93,216)
Interest income, net
22,267

24,282

49,668

58,865
Other income
376,388

560,949

842,500

804,725
Total revenue, net
2,668,748

5,035,813

7,252,985

6,402,122
Expenses






Salaries, commissions and team member benefits
840,470

854,007

1,682,669

1,537,613
General and administrative expenses
262,815

289,183

554,234

483,257
Marketing and advertising expenses
306,685

202,198

627,528

420,191
Depreciation and amortization
20,589

16,189

35,893

32,304
Interest and amortization expense on non-funding debt
35,038

33,168

70,609

66,275
Other expenses
142,454

155,538

378,185

276,673
Total expenses
1,608,051

1,550,283

3,349,118

2,816,313
Income before income taxes
1,060,697

3,485,530

3,903,867

3,585,809
Provision for income taxes
(24,047)

(21,448)

(89,879)

(22,680)
Net income
1,036,650

3,464,082

3,813,988

3,563,129
Net income attributable to non-controlling interest
(975,530)

(3,464,082)

(3,629,166)

(3,563,129)
Net income attributable to Rocket Companies
$
61,120

$
—

$
184,822

$
—








Earnings per share of Class A common stock






Basic
$
0.45

N/A

$
1.47

N/A
Diluted
$
0.40

N/A

$
1.46

N/A








Weighted average shares outstanding






Basic
136,139,400

N/A

125,961,094

N/A
Diluted
1,991,267,972

N/A

132,100,103

N/A
Condensed Consolidated Balance Sheets
($ In Thousands, Except Shares and Per Share Amounts)


June 30,
2021
December 31,
2020

(Unaudited)

Assets


Cash and cash equivalents
$
1,974,997

$
1,971,085
Restricted cash
77,454

83,018
Mortgage loans held for sale, at fair value
23,194,843

22,865,106
Interest rate lock commitments ("IRLCs"), at fair value
907,978

1,897,194
Mortgage servicing rights ("MSRs"), at fair value
4,644,172

2,862,685
MSRs collateral for financing liability, at fair value
—

205,033
Notes receivable and due from affiliates
10,977

22,172
Property and equipment, net of accumulated depreciation and amortization of $531,281 and
$497,812, respectively
242,599

211,161
Deferred tax asset, net
592,909

519,933
Lease right of use assets
304,593

238,546
Forward commitments, at fair value
22,339

20,584
Loans subject to repurchase right from Ginnie Mae
2,769,911

5,696,608
Other assets
876,582

941,477
Total assets
$
35,619,354

$
37,534,602
Liabilities and equity


Liabilities


Funding facilities
$
17,221,229

$
17,742,573
Other financing facilities and debt


Lines of credit
75,000

375,000
Senior Notes, net
2,975,308

2,973,046
Early buy out facility
2,148,959

330,266
MSRs financing liability, at fair value
—

187,794
Accounts payable
287,533

251,960
Lease liabilities
345,930

272,274
Forward commitments, at fair value
91,731

506,071
Investor reserves
74,202

87,191
Notes payable and due to affiliates
76,869

73,896
Tax receivable agreement liability
669,738

550,282
Loans subject to repurchase right from Ginnie Mae
2,769,911

5,696,608
Other liabilities
697,136

605,485
Total liabilities
27,433,546

29,652,446
Equity


Class A common stock, $0.00001 par value - 10,000,000,000 shares authorized, 135,978,914 and
115,372,565 shares issued and outstanding as of June 30, 2021 and December 31, 2020,
respectively.
1

1
Class B common stock, $0.00001 par value - 6,000,000,000 shares authorized, none issued and
outstanding as of June 30, 2021 and December 31, 2020.
—

—
Class C common stock, $0.00001 par value - 6,000,000,000 shares authorized, none issued and
outstanding as of June 30, 2021 and December, 31, 2020.
—

—
Class D common stock, $0.00001 par value - 6,000,000,000 shares authorized, 1,848,879,483
and 1,869,079,483 shares issued and outstanding as of June 30, 2021 and December 31, 2020,
respectively.
19

19
Additional paid-in capital
363,916

282,743
Retained earnings
261,351

207,422
Accumulated other comprehensive income
431

317
Non-controlling interest
7,560,090

7,391,654
Total equity
8,185,808

7,882,156
Total liabilities and equity
$
35,619,354

$
37,534,602
Summary Segment Results for the Three and Six Months Ended June 30, 2021 and 2020,
($ amounts in millions)
(Unaudited)

Three Months Ended
June 30, 2021
Direct to
Consumer
Partner
Network
Segments
Total
All Other
Total
Total U.S. GAAP Revenue, net
$
2,222

$
319

$
2,541

$
128

$
2,669
Plus: Decrease in MSRs due to valuation
assumptions
121

—

121

—

121
Adjusted Revenue
$
2,343

$
319

$
2,662

$
128

$
2,790
Directly attributable expenses
908

176

1,084

58

1,142
Contribution margin (1)
$
1,435

$
143

$
1,578

$
70

$
1,648

Three Months Ended
June 30, 2020
Direct to
Consumer
Partner
Network
Segments Total
All Other
Total
Total U.S. GAAP revenue, net
$
3,939

$
783

$
4,721

$
315

$
5,036
Plus: Decrease in MSRs due to valuation
assumptions
274

—

274

—

274
Adjusted Revenue
$
4,213

$
783

$
4,996

$
315

$
5,310
Directly attributable expenses
949

139

1,088

123

1,212
Contribution margin (1)
$
3,264

$
643

$
3,908

$
191

$
4,099

Six Months Ended
June 30, 2021
Direct to
Consumer
Partner
Network
Segments Total
All Other
Total
Total U.S. GAAP revenue, net
$
5,944

$
1,042

$
6,986

$
267

$
7,253
Less: Increase in MSRs due to valuation
assumptions
(423)

—

(423)

—

(423)
Adjusted Revenue
$
5,521

$
1,042

$
6,563

$
267

$
6,830
Directly attributable expenses
1,926

356

2,282

129

2,411
Contribution margin (1)
$
3,595

$
686

$
4,280

$
138

$
4,419

Six Months Ended
June 30, 2020
Direct to
Consumer
Partner
Network
Segments Total
All Other
Total
Total U.S. GAAP revenue, net
$
4,981

$
1,018

$
5,999

$
403

$
6,402
Plus: Decrease in MSRs due to valuation
assumptions
1,018

—

1,018

—

1,018
Adjusted Revenue
$
5,999

$
1,018

$
7,016

$
403

$
7,420
Directly attributable expenses
1,730

231

1,961

169

2,130
Contribution margin (1)
$
4,269

$
786

$
5,056

$
234

$
5,290

(1) We measure the performance of the segments primarily on a contribution margin basis. Contribution margin is intended to measure the direct profitability of each segment and is calculated as Adjusted Revenue less directly attributable expenses. Adjusted Revenue is a non-GAAP financial measure described above. Directly attributable expenses include salaries, commissions and team member benefits, general and administrative expenses, and other expenses, such as direct servicing costs and origination costs.
GAAP to non-GAAP Reconciliations
Adjusted Revenue Reconciliation ($ amounts in millions)


Three Months Ended June 30,
Six Months Ended June 30,

2021
2020
2019
2021
2020
2019

(Unaudited)
(Unaudited)
Total Revenue, net
$
2,669

$
5,036

$
937

$
7,253

$
6,402

$
1,569
Change in fair value of MSRs due to valuation
assumptions (net of hedges) (1)
121

274

391

(423)

1,018

712
Adjusted Revenue
$
2,790

$
5,310

$
1,328

$
6,830

$
7,420

$
2,281

(1) Reflects changes in assumptions including discount rates and prepayment speed assumptions, mostly due to changes in market interest rates.

Adjusted Net Income Reconciliation ($ amounts in millions)


Three Months Ended June 30,
Six Months Ended June 30,

2021
2020
2019
2021
2020
2019

(Unaudited)
(Unaudited)
Net income attributable to Rocket Companies
$
61

$
—

$
—

$
185

$
—

$
—
Net income impact from pro forma conversion of Class D
common shares to Class A common shares (1)
976

3,465

(53)

3,630

3,564

(351)
Adjustment to the provision for income tax (2)
(240)

(844)

13

(881)

(868)

86
Tax-effected net income (2)
797

2,621

(40)

2,934

2,696

(265)
Non-cash share-based compensation expense
41

31

8

83

60

17
Change in fair value of MSRs due to
valuation assumptions (net of hedges) (3)
121

274

391

(423)

1,018

712
Litigation accrual (4)
—

—

—

15

—

—
Tax impact of adjustments (5)
(40)

(76)

(99)

81

(268)

(181)
Other tax adjustments (6)
1

—

—

2

—

—
Adjusted Net Income
$
920

$
2,851

$
261

$
2,691

$
3,507

$
284

(1) Reflects net income to Class A common stock from pro forma exchange and conversion of corresponding shares of our Class D common shares held by non-controlling interest holders as of June 30, 2021, 2020 and 2019.

(2) Rocket Companies, Inc. will be subject to U.S. Federal income taxes, in addition to state, local and Canadian taxes with respect to its allocable share of any net taxable income of RKT Holdings, LLC. The adjustment to the provision for income tax reflects the effective tax rates assuming Rocket Companies, Inc. owns 100% of the non-voting common interest units of RKT Holdings, LLC. The effective income tax rate for Adjusted Net Income was 24.87% for the three and six months ended June 30, 2021, 24.82% for the three and six months ended June 30, 2020 and 24.77% for the three and six months ended June 30, 2019.

(3) Reflects changes in assumptions including discount rates and prepayment speed assumptions, mostly due to changes in market interest rates.

(4) Reflects legal accrual related to a specific legal matter.

(5) Tax impact of adjustments gives effect to the income tax related to non-cash share-based compensation expense, change in fair value of MSRs due to valuation assumptions, and other non-operating items at the above described effective tax rates for each period.

(6) Represents tax benefits due to the amortization of intangible assets and other tax attributes resulting from the purchase of RKT Holdings units, net of payment obligations under Tax Receivable Agreement.
Adjusted Diluted Weighted Average Shares Outstanding Reconciliation ($ in millions, except per share)


Three Months Ended June 30,
Six Months Ended June 30,

2021
2020
2019
2021
2020
2019

(Unaudited)
(Unaudited)
Diluted weighted average Class A Common
shares outstanding
1,991,267,972
N/A
N/A

132,100,103

N/A
N/A
Assumed pro forma conversion of Class D
shares (1)
—
N/A
N/A

1,858,812,080

N/A
N/A
Adjusted diluted weighted average shares
outstanding
1,991,267,972
N/A
N/A

1,990,912,183

N/A
N/A












Adjusted Net Income
$
920
N/A(2)
N/A(2)
$
2,691

N/A(2)
N/A(2)
Adjusted Diluted EPS
$
0.46
N/A(2)
N/A(2)
$
1.35

N/A(2)
N/A(2)

(1) Reflects the pro forma exchange and conversion of non-dilutive Class D common stock to Class A common stock.

(2) This non-GAAP measure is not applicable for these periods, as the reorganization transactions had not yet occurred.
Adjusted EBITDA Reconciliation ($ amounts in millions)


Three Months Ended June 30,
Six Months Ended June 30,

2021
2020
2019
2021
2020
2019

(Unaudited)
(Unaudited)
Net income
$
1,037

$
3,464

$
(53)

$
3,814

$
3,563

$
(352)
Interest and amortization expense on non-
funding debt
35

33

33

71

66

66
Income tax provision
24

21

—

90

23

(1)
Depreciation and amortization
21

16

18

36

32

36
Non-cash share-based compensation expense
41

31

8

83

60

17
Change in fair value of MSRs due to valuation
assumptions (net of hedges) (1)
121

274

391

(423)

1,018

712
Litigation accrual (2)
—

—

—

15

$
—

—
Adjusted EBITDA
$
1,279

$
3,841

$
398

$
3,685

$
4,762

$
479

(1) Reflects changes in assumptions including discount rates and prepayment speed assumptions, mostly due to changes in market interest rates.

(2) Reflects legal accrual related to a specific legal matter.
Non-GAAP Financial Measures
To provide investors with information in addition to our results as determined under Generally Accepted Accounting Principles ("GAAP"), we disclose Adjusted Revenue, Adjusted Net Income, Adjusted Diluted EPS, and Adjusted EBITDA as "non-GAAP measures" which management believes provide useful information to investors. These measures are not financial measures calculated in accordance with GAAP and should not be considered as a substitute for revenue, net income, or any other operating performance measure calculated in accordance with GAAP, and may not be comparable to a similarly titled measure reported by other companies.

In first quarter of 2021, we revised our definition of Adjusted Net income and Adjusted EBITDA to exclude a litigation accrual that does not directly affect what we consider to be our core operating performance. Excluding these costs did not impact Adjusted Net income or Adjusted EBITDA for the comparative periods presented. From time to time in the future, we may exclude other items if we believe that doing so is consistent with the goal of providing useful information to investors.

We define "Adjusted Revenue" as total revenues net of the change in fair value of mortgage servicing rights ("MSRs") due to valuation assumptions. We define "Adjusted Net Income" as tax-effected earnings before share-based compensation expense, the change in fair value of MSRs due to valuation assumptions, a litigation accrual, and the tax effects of those adjustments. We define "Adjusted Diluted EPS" as Adjusted Net Income divided by the diluted weighted average number of Class A common stock outstanding for the applicable period, which assumes the pro forma exchange and conversion of all outstanding Class D common stock for Class A common stock. We define "Adjusted EBITDA" as earnings before interest and amortization expense on non-funding debt, income tax, depreciation and amortization, net of the change in fair value of MSRs due to valuation assumptions (net of hedges), share-based compensation expense, and a litigation accrual. We exclude from each of these non-GAAP revenues the change in fair value of MSRs due to valuation assumptions (net of hedges) as this represents a non-cash non-realized adjustment to our total revenues, reflecting changes in assumptions including discount rates and prepayment speed assumptions, mostly due to changes in market interest rates, which is not indicative of our performance or results of operation. Adjusted EBITDA includes interest expense on funding facilities, which are recorded as a component of "Interest income, net", as these expenses are a direct cost driven by loan origination volume. By contrast, interest and amortization expense on non-funding debt is a function of our capital structure and is therefore excluded from Adjusted EBITDA. Any non-GAAP earnings margin is calculated by using the non-GAAP metric in question (such as Adjusted EBITDA) as the numerator and Adjusted Revenue as the denominator.

We believe that the presentation of our non-GAAP financial measures provide useful information to investors regarding our results of operations because each measure assists both investors and management in analyzing and benchmarking the performance and value of our business. Our non-GAAP measures provide indicators of performance that are not affected by fluctuations in certain costs or other items. Accordingly, management believes that these measurements are useful for comparing general operating performance from period to period, and management relies on these measures for planning and forecasting of future periods. Additionally, these measures allow management to compare our results with those of other companies that have different financing and capital structures. However, other companies may define Adjusted Revenue, Adjusted Net Income, Adjusted Diluted EPS, and Adjusted EBITDA differently, and as a result, our non-GAAP financial measures may not be directly comparable to those of other companies.

Although we use our non-GAAP financial measures to assess the performance of our business, such use is limited because they do not include certain material costs necessary to operate our business. Additionally, our definitions of our non-GAAP financial measures allows us to add back certain non-cash charges and deduct certain gains that are included in calculating the most comparable figures calculated under GAAP. However, these expenses and gains vary greatly, and are difficult to predict. They can represent the effect of long-term strategies as opposed to short-term results. Adjusted Revenue, Adjusted Net Income, Adjusted Earnings per Share, and Adjusted EBITDA should be considered in addition to, and not as a substitute for, total revenues, net income attributable to Rocket Companies, net income (loss), and Earnings per share in accordance with U.S. GAAP as measures of performance. Our presentation of non-GAAP financial measures should not be construed as an indication that our future results will be unaffected by unusual or nonrecurring items.

Adjusted Revenue, Adjusted Net Income, and Adjusted EBITDA have limitations as analytical tools, and you should not consider them in isolation or as a substitute for analysis of our results as reported under U.S. GAAP. Some of these limitations are: (a) they do not reflect every cash expenditure, future requirements for capital expenditures or contractual commitments; (b) Adjusted EBITDA does not reflect the significant interest expense or the cash requirements necessary to service interest or principal payment on our debt; (c) although depreciation and amortization are non-cash charges, the assets being depreciated and amortized will often have to be replaced or require improvements in the future, and Adjusted Revenue, Adjusted Net Income and Adjusted EBITDA do not reflect any cash requirement for such replacements or improvements; and (d) they are not adjusted for all non-cash income or expense items that are reflected in our statements of cash flows.

Because of these limitations, Adjusted Revenue, Adjusted Net Income, and Adjusted EBITDA are not intended as alternatives to total revenue, net income attributable to Rocket Companies or net income (loss) as an indicator of our operating performance and should not be considered as measures of discretionary cash available to us to invest in the growth of our business or as measures of cash that will be available to us to meet our obligations. We compensate for these limitations by using Adjusted Revenue, Adjusted Net Income and Adjusted EBITDA along with other comparative tools, together with U.S. GAAP measurements, to assist in the evaluation of operating performance.

Forward Looking Statements
Some of the statements contained in this document are forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. These forward-looking statements are generally identified by the use of words such as "anticipate," "believe," "could," "estimate," "expect," "intend," "may," "plan," "potential," "predict," "project," "should," "target," "will," "would" and, in each case, their negative or other various or comparable terminology. These forward-looking statements reflect our views with respect to future events as of the date of this document and are based on our management's current expectations, estimates, forecasts, projections, assumptions, beliefs and information. Although management believes that the expectations reflected in these forward-looking statements are reasonable, it can give no assurance that these expectations will prove to have been correct. All such forward-looking statements are subject to risks and uncertainties, many of which are outside of our control, and could cause future events or results to be materially different from those stated or implied in this document. It is not possible to predict or identify all such risks. These risks include, but are not limited to, the risk factors that are described under the section titled "Risk Factors" in our Annual Report on Form 10-K, Current Reports on Form 8-K, and other filings with the Securities and Exchange Commission. These factors should not be construed as exhaustive and should be read in conjunction with the other cautionary statements that are included in this document and in our SEC filings. We expressly disclaim any obligation to publicly update or review any forward-looking statements, whether as a result of new information, future developments or otherwise, except as required by applicable law.

About Rocket Companies
Rocket Companies is a Detroit -based holding company consisting of personal finance and consumer technology brands including Rocket Mortgage, Rocket Homes, Rocket Loans, Rocket Auto, Rock Central, Amrock, Core Digital Media, Rock Connections, Lendesk and Edison Financial. Since 1985, Rocket Companies has been obsessed with helping its clients achieve the American dream of home ownership and financial freedom. Rocket Companies offers an industry-leading client experience powered by our simple, fast and trusted digital solutions. Rocket Companies has approximately 26,000 team members across the United States and Canada . Rocket Companies ranked #5 on Fortune's list of the "100 Best Companies to Work For" in 2021 and has placed in the top third of the list for 18 consecutive years. For more information, please visit our Corporate Website , Investor Relations Website , Twitter page , and our LinkedIn page .

_________________________________________
1 "GAAP" stands for Generally Accepted Accounting Principles in the U.S. On August 6, 2020, Rocket Companies' stock began trading on the NYSE and it did not have any shares outstanding or calculations of earnings per share for any periods prior to this date. Please see the sections of this document titled "Non-GAAP Financial Measures" and "GAAP to non-GAAP Reconciliations" for more information on the Company's non-GAAP measures and its share count. Certain figures in the tables throughout this document may not foot due to rounding.

2 Gross Merchandise Value includes the sales price of vehicles sold plus vehicle-related product sales that were generated during the period.

3 We measure the performance of the Direct to Consumer and Partner Network segments primarily on a contribution margin basis. Contribution margin is intended to measure the direct profitability of each segment and is calculated as Adjusted Revenue less directly attributable expenses. Directly attributable expenses include salaries, commissions and team member benefits, general and administrative expenses, and other expenses, such as direct servicing costs and origination costs. A loan is considered "funded" when it is sold to investors on the secondary market. See "Summary Segment Results" section later in this document and the footnote on "Segments" in the "Notes to Unaudited Condensed Consolidated Financial Statements" in the Company's forthcoming filing on Form 10-Q for more information.
CisionView original content to download multimedia: https://www.prnewswire.com/news-releases/rocket-companies-announces-second-quarter-results-301354667.html

SOURCE Rocket Companies, Inc.

News Provided by PR Newswire via QuoteMedia

[Stock_Dog]

Earnings

[not one red cent ~NORC~]

Something brewing in aftermarket or is that just a glitch?

$17.47 @ 4:00PM
$18.56 @ 4:22PM

[Nivea67515]

New all time low coming for the boys in Detroit . Must suck being a banker at QL working for these guys.

[Nivea67515]

Stock price is Plunging must be bad news in earnings later after market close.

[ProfitScout]

$RKT News: Rocket Homes Combines Every Aspect of Home Buying and Selling into One Simple, Customizable Platform

DETROIT, Aug. 10, 2021 /PRNewswire/ -- Rocket Homes, a technology-driven real estate service provider and part of Rocket Companies (NYSE: RKT), today announced it is revolutionizing the way home buying and selling is done in America by seamlessly integrating the tools, professionals and innovations needed to win in a red-hot housing market. Rocket Homes will be the first real estate company ever to create a wide array of choices for those in the market, putting clients in the position to create their own truly bespoke experience, rather than the traditional one-size-fits-all approach that has been the standard for more than a century.

Suite of logos for Rocket Sister Companies including Rocket Mortgage by Quicken Loans, Rocket Loans, Rocket Homes and Rocket HQ

The company is bringing together a comprehensive suite of services that includes: credit reporting, home search, the industry-leading ForSaleByOwner.com process, on-staff real estate agents, a nationwide network of trusted real estate professionals, iBuying services to provide a back-up offer to sellers - along with direct connections to Rocket Mortgage, America's largest mortgage lender, and Amrock, a premier closing and settlement services provider.

"There is nothing more exciting than getting the keys to a new home, but far too often the process of getting to that point is confusing and fragmented. At Rocket Homes, we are laser-focused on using technology and innovation to create a fully customized and transparent experience that is stress-free and fully integrated – working seamlessly with sister companies to simplify and speed-up the process, all while saving our clients money," said Doug Seabolt, CEO of Rocket Homes. "Whether a client is looking to sell their house on their own, get assistance from an on-staff Rocket Homes agent or meet face-to-face with our trusted local real estate professionals, we will have unique options and resources to help every client move through the process in a way that is fully customized to them."

Homeowners looking to sell their property will have the ability to select the right experience for their needs and goals thanks to Rocket Homes Seller Solutions. Through the program, sellers can:

Leverage the industry-leading ForSaleByOwner.com platform that provides sellers all the tools they need to go through the process on their own. This option has become increasingly popular among homeowners in today's competitive housing market.

Work with highly skilled, on-staff Rocket Homes Real Estate Agents that advise clients on the best list price, facilitate professional photos, list the house on the local multiple listing service, negotiate offers and handle all paperwork. Just like Rocket Mortgage effectively serves clients in all 50 states from centralized locations, Rocket Homes agents will assist with the most complex moments of the real estate transaction from downtown Detroit. With this option – which will be open to the public starting in the fourth quarter of 2021 - homeowners pay a significantly lower commission of only 1.5% for the selling agent, as opposed to the traditional fee of 3% -- which represents a savings of $4,500 on a $300,000 home sale.

If a homeowner wants to work with an expert in their local area, they can tap into the Rocket Homes Verified Partner Agent Network of trusted and vetted professionals. This is a nationwide group of the best real estate agents who consistently receive top ratings from the clients they serve. The Partner Agent Network provides the option of a high-touch, in-person experience that some sellers desire. It consists of thousands of professionals working in every state, representing more than 3,000 counties across the country.

True to the company's promise of providing certainty in complex moments, a soon-to-be-released iBuyer program, facilitated through third-party partner companies, will ensure every owner is given the opportunity to receive a guaranteed offer on their house. Consumers who need to sell their house before buying another often lose out on their new dream home due to the need to make a contingency offer – meaning their deal hinges on closing the sale on their existing property. With the forthcoming program from Rocket Homes, these consumers will now have a guaranteed offer on their current house and can eliminate the need for contingency altogether.

Once a client completes the selling experience with Rocket Homes, they will be able to use the company's robust home listing sites and be referred to one of the company's Partner Agents to assist with the purchase of their house. To provide clarity and transparency, real estate professionals can leverage the Rocket Pro Insight application which enables them to help their clients throughout the mortgage process with unmatched service. Through this app, agents can upload documents on behalf of the buyer, ensuring the process continues moving quickly. Rocket Pro Insight even enables the real estate expert to adjust the loan amount on the approval letter - within an approved range to ensure they are delivering offers that help their clients win. As of the end of the second quarter of 2021, there were nearly 50,000 agents using Rocket Pro Insight.

Home buyers can also view listings from all 50 states on RocketHomes.com, the company's mobile app or on ForSaleByOwner.com. Beyond finding houses, the company's website supplies Americans with easy-to-consume market intelligence, helping ensure they make informed decisions. Rocket Homes Housing Market Reports provide deep insights and trend information on neighborhoods, displaying whether it is a buyer's or seller's market, the average number of days a home is listed in the area, the median home price and much more. This information is displayed in a clear, easy-to-understand format, providing the real-time, actionable insights that homebuyers need to make immediate and educated decisions.

Before even starting the search process, consumers can use Rocket Homes' proprietary credit monitoring tools to ensure they are financially prepared to purchase the home of their dreams. These resources enable consumers to check their credit report and view how various factors will impact their credit score. As an added benefit, clients can utilize the Home Affordability Calculator to determine the home price they can afford using credit score, gross income, debt and expenses. The tool then shows home prices in their desired area that fit their budget, ensuring they are fully prepared when beginning the homebuying process.

Rocket Homes' innovations are made stronger by the seamless integration with fellow Rocket Companies platform businesses including Rocket Mortgage, the nation's largest mortgage lender, and Amrock, a leading title and settlement services company, to provide a cohesive and unmatched end-to-end housing ecosystem.

The company's on-staff real estate agents, its iBuyer program to give sellers a guaranteed offer and additional forthcoming innovations will be released throughout the remainder of 2021 and into early 2022.

Forward Looking Statements

Some of the statements contained in this document are forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. These forward-looking statements are generally identified by the use of words such as "anticipate," "believe," "could," "estimate," "expect," "intend," "may," "plan," "potential," "predict," "project," "should," "target," "will," "would" and, in each case, their negative or other various or comparable terminology. These forward-looking statements reflect our views with respect to future events as of the date of this document and are based on our management's current expectations, estimates, forecasts, projections, assumptions, beliefs and information. Although management believes that the expectations reflected in these forward-looking statements are reasonable, it can give no assurance that these expectations will prove to have been correct. All such forward-looking statements are subject to risks and uncertainties, many of which are outside of our control, and could cause future events or results to be materially different from those stated or implied in this document. It is not possible to predict or identify all such risks. These risks include, but are not limited to, the risk factors that are described under the section titled "Risk Factors" in our Annual Report on Form 10-K, Current Reports on Form 8-K, and other filings with the Securities and Exchange Commission. These factors should not be construed as exhaustive and should be read in conjunction with the other cautionary statements that are included in this document and in our SEC filings. We expressly disclaim any obligation to publicly update or review any forward-looking statements, whether as a result of new information, future developments or otherwise, except as required by applicable law.

About Rocket Homes

Rocket Homes is a tech-based real estate service provider and home search site which is a part of Rocket Companies (NYSE: RKT). It manages a nationwide Partner Agent Network that includes some of the nation's top agents from 3,000 different counties and has assisted nearly one million consumers with their home buying and selling needs. All of its Partner Agents are prescreened and demonstrate exceptional client service, knowledge and experience in their local communities. Rocket Homes hosts a website and mobile app consumers can use to search for homes, connect with a real estate professional and obtain mortgage approval through sister company Rocket Mortgage - creating a seamless, fully integrated home buying and selling experience. For more information, please visit http://www.RocketHomes.com.

Cision View original content to download multimedia:https://www.prnewswire.com/news-releases/rocket-homes-combines-every-aspect-of-home-buying-and-selling-into-one-simple-customizable-platform-301352134.html

SOURCE Rocket Homes

[ProfitScout]

$RKT News: Welcome Home: Rocket Mortgage Expands Resources & Support for Detroit Homebuyers

DETROIT, Aug. 9, 2021 /PRNewswire/ -- Rocket Mortgage, America's largest mortgage lender and a part of Rocket Companies (NYSE: RKT), today announced a full suite of programs to help Detroit residents who are interested in buying a home in the city, regardless of where they are on their homebuying journey. The new initiative includes $2,500 in lender credits when purchasing a primary residence in Detroit, along with resources for residents who are underbanked or can benefit from credit counseling and homebuyer education.

Rocket Mortgage's Detroit Home Loan+ program offers $2,500 closing cost credit for those buying a primary residence in Detroit, along with financial guidance and homeownership education to residents who are looking for additional assistance.

"Detroit has been home to Rocket Mortgage for more than a decade. In that time, we have been proud to use our expertise to create initiatives that support the city's homeowners," said Jay Farner, CEO of Rocket Companies. "Today, we are doubling down on that commitment. By increasing access to banking, credit-building opportunities and, ultimately, home financing, more Detroit residents will be able to build equity through homeownership, which increases neighborhood stability and opportunity for future generations."

Rocket Mortgage's new initiatives start with those who have a desire to buy a home but need some help along the way. If a Detroiter does not have a bank account, or needs to boost their credit score, Rocket Mortgage will connect them with MoCaFi, a Black-owned FinTech company.

"MoCaFi's goal, as part of the Detroit Home Loan+ program, is to provide the Detroit community with a broader set of resources that can help them take the steps needed to prepare for homeownership. We, along with Rocket Mortgage, believe everyone should have an opportunity at this important part of the American Dream," said Wole Coaxum, CEO of MoCaFi. "Our journey starts with getting Detroiters a bank account, if they don't already have one. We can also help them bring additional data – including rent payments – into their credit report. We believe offering Detroit residents strong banking and credit fundamentals will create a better path to purchasing a home and getting the stability and equity that comes with it."

Detroiters in need of additional support will be connected to the Detroit Housing Network – a conglomerate of six Detroit-based nonprofits providing wide-ranging housing services for renters, homebuyers and homeowners. Clients will get hands-on support from trained specialists to prepare them for homeownership.

"Rocket Mortgage is taking an important step to increase homeownership in the city of Detroit," said Dana Arrington, director of homeownership and sales of CHN Housing Partners – administrators of the Detroit Housing Network. "We know the journey to homeownership is different for everyone and, everyone is at a different stage, this program will help Detroiters find the right resources to create a path to homeownership, build equity and unlock the generational wealth that comes with homeownership."

Once ready to become a homeowner, Detroit residents can leverage Rocket Mortgage's new Detroit Home Loan+ program to receive a $2,500 closing cost credit when buying a primary residence in the city. The closing cost credit is automatically applied to all eligible mortgages, which includes conventional, FHA and VA loans. Detroiters can apply through the Rocket Mortgage app or call the Detroit Home Loan+ mortgage banking specialists at 800-291-1488.

Rocket Mortgage operates under a "for-more-than-profit" philosophy. The company recognizes that business and community are inextricably linked. It has leveraged its resources to build programs and partnerships that support a more inclusive, thriving and resilient city. Since moving to Detroit in 2010, Rocket Mortgage and the Rocket Community Fund – the philanthropic partner company of Rocket Companies – have demonstrated a commitment to serving and supporting city residents through data-driven investments and initiatives.

"The Rocket Community Fund is dedicated to building homeownership, wealth and stability for all Detroit families," said Laura Grannemann, Vice President of the Rocket Community Fund. "Through programs like Detroit Home Loan+, Rehabbed & Ready, Make It Home and Neighbor to Neighbor we are directly addressing the systems that have historically prevented residents from owning their own homes and building equity."

Homebuyers can apply for a mortgage and take advantage of the Detroit Home Loan+ program by visiting RocketMortgage.com/Detroit or by calling 800-291-1488.

About Rocket Mortgage
Detroit-based Rocket Mortgage, the nation's largest home mortgage lender, enables the American Dream of homeownership and financial freedom through its obsession with an industry-leading, digital-driven client experience. Rocket Mortgage closed $320 billion dollars of mortgage volume across all 50 states in 2020. In late 2015, it introduced the first fully digital, completely online mortgage experience. Currently, 99% of all home loans originated by the company utilize Rocket Mortgage technology.

Rocket Mortgage moved its headquarters to downtown Detroit in 2010. Today, Rocket Mortgage and Rocket Companies employ 24,000 full-time team members nationwide. The company generates loan production from web centers located in Detroit, Cleveland and Phoenix and operates a centralized loan processing facility in Detroit. Rocket Mortgage ranked highest in the country for customer satisfaction for primary mortgage origination by J.D. Power for the past 11 consecutive years, 2010 – 2020, and also ranked highest in the country for customer satisfaction among all mortgage servicers the past seven eight years, 2014 – 2021.

Rocket Companies, Rocket Mortgage's parent company, ranked #5 on Fortune's list of the "100 Best Companies to Work For" in 2021 and has placed in the top third of the list for 18 consecutive years.

For more information and company news visit QuickenLoans.com/PressRoom.

About Rocket Community Fund
The Rocket Community Fund is a partner company of Rocket Companies, which includes Rocket Mortgage – the nation's largest mortgage lender. It also coordinates team member volunteerism for Bedrock and other affiliated companies who comprise the Rock Family of Companies. Its strategy aims to support thriving, resilient and inclusive communities through data-driven investments in housing, employment and public life.

Through its For-More-Than-Profit model, the Rocket Community Fund recognizes that business and community are inextricably linked, and it purposefully brings together all of the assets of the Rocket Mortgage and Rock Family of Companies business – team member talent, technology, policy advocacy, and philanthropic resources – to invest in comprehensive community development in Detroit and across the country.

Alongside financial investments, the Rocket Community Fund has organized team members to provide more than 815,000 volunteer hours nationwide, including 415,000 in Detroit.

For more information, visit RocketCommunityFund.org.,

Cision View original content to download multimedia:https://www.prnewswire.com/news-releases/welcome-home-rocket-mortgage-expands-resources--support-for-detroit-homebuyers-301350592.html

SOURCE Rocket Mortgage

[eastunder]

Rocket Companies, Inc. (NYSE: RKT) ("Rocket Companies" or the "Company"), a Detroit-based holding company consisting of tech-driven real estate, mortgage, and financial services businesses – including Rocket Mortgage, Rocket Homes and Rocket Auto – today announced the Company will issue its second quarter 2021 earnings on August 12, 2021. Management will host a conference call to discuss results at 4:30pm ET on this date, and a press release detailing the Company's results will be issued prior to the call.

[Stocker1]

Yea, the proof is in the pudding. Personally, I am starving.

[Nivea67515]

More fluff

[ProfitScout]

RKT News: ROCKETING TO THE SUN: ROCKET COMPANIES TO PROVIDE A SIMPLE, TECH-DRIVEN APPROACH TO SOLAR PANEL INSTALLATION AND FINANCING

The company has forthcoming products that will offer solar panels and financing by early 2022

DETROIT , Aug. 2, 2021 /PRNewswire/ -- Rocket Companies (NYSE: RKT) today announced it is launching into the solar energy industry. The company will be leveraging the same technology, data and client experience that has revolutionized the mortgage, real estate and personal lending spaces to help Americans make their home more energy efficient.

Rocket Companies is a Detroit-based holding company consisting of tech-driven real estate, mortgage and financial services businesses – including Rocket Mortgage, Rocket Homes and Rocket Auto (PRNewsfoto/Rocket Companies)

Rocket Companies' opportunity in green home energy solutions is vast, with the solar industry at a growth inflection point. There have been more than 2 million solar installations in the U.S., with panel installation reaching a record high in 2020, according to a joint study released earlier this year by the Solar Energy Industries Association and Wood Mackenzie. The study also reports that the solar market in the country is expected to quadruple by 2030, with roughly one in eight American homes having solar energy by that year.

"Rocket Companies is uniquely positioned to build trust and education in solar energy, simplifying the entire process through our platform. We have the technology and expertise to provide the best experience possible for homeowners who want to go green," said Jay Farner , Vice Chairman and CEO of Rocket Companies. "This is a perfect synergy between our businesses as we develop a digital solution to ensure Americans can receive solar panels with the same certainty they have come to expect when working with our Rocket platforms."

The company's Rocket Cloud Force will serve as solar advisors, a dedicated group of team members with extensive training in the industry. The team members will help clients determine if solar panels are the best choice for their home. They will then connect homeowners to a simple, digital financing application. Once financing is handled, the Rocket Cloud Force will facilitate the installation of a new solar solution.

These new solar offerings will start in the testing phase in fourth quarter and are expected to be available to the public in early 2022.

As Rocket Companies' first step into green energy, Rocket Mortgage – America's largest mortgage lender – is immediately releasing a new rate-and-term refinance giving homeowners the ability to consolidate any solar panel loan with their mortgage for one low interest rate. This program has an advantage over traditional cash-out refinances since rate-and-term mortgages provide significantly more flexible guidelines than a cash-out, including a loan-to-value (LTV) ratio as high as 97 percent. This new loan option from Rocket Mortgage is crucial for anyone who has an outstanding solar loan. Beyond the lower interest rate, this new mortgage program also gives homeowners the ability to leverage the full value of their existing federal solar Investment Tax Credit (ITC) and any other local tax credits they may qualify for.

Forward Looking Statements

Some of the statements contained in this document are forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. These forward-looking statements are generally identified by the use of words such as "anticipate," "believe," "could," "estimate," "expect," "intend," "may," "plan," "potential," "predict," "project," "should," "target," "will," "would" and, in each case, their negative or other various or comparable terminology. These forward-looking statements reflect our views with respect to future events as of the date of this document and are based on our management's current expectations, estimates, forecasts, projections, assumptions, beliefs and information. Although management believes that the expectations reflected in these forward-looking statements are reasonable, it can give no assurance that these expectations will prove to have been correct. All such forward-looking statements are subject to risks and uncertainties, many of which are outside of our control, and could cause future events or results to be materially different from those stated or implied in this document. It is not possible to predict or identify all such risks. These risks include, but are not limited to, the risk factors that are described under the section titled "Risk Factors" in our Annual Report on Form 10-K, Current Reports on Form 8-K, and other filings with the Securities and Exchange Commission. These factors should not be construed as exhaustive and should be read in conjunction with the other cautionary statements that are included in this document and in our SEC filings. We expressly disclaim any obligation to publicly update or review any forward-looking statements, whether as a result of new information, future developments or otherwise, except as required by applicable law.

About Rocket Companies

Rocket Companies is a Detroit -based holding company consisting of personal finance and consumer technology brands including Rocket Mortgage, Rocket Homes, Rocket Loans, Rocket Auto, Rock Central, Amrock, Core Digital Media, Rock Connections, Lendesk and Edison Financial. Since 1985, Rocket Companies has been obsessed with helping its clients achieve the American dream of home ownership and financial freedom. Rocket Companies offers an industry-leading client experience powered by our simple, fast and trusted digital solutions. Rocket Companies has approximately 26,000 team members across the United States and Canada . Rocket Companies ranked #5 on Fortune's list of the "100 Best Companies to Work For" in 2021 and has placed in the top third of the list for 18 consecutive years. For more information, please visit our Corporate Website, Investor Relations Website, Twitter page, and our LinkedIn page.

CisionView original content to download multimedia: https://www.prnewswire.com/news-releases/rocketing-to-the-sun-rocket-companies-to-provide-a-simple-tech-driven-approach-to-solar-panel-installation-and-financing-301346283.html

SOURCE Rocket Companies, Inc.

News Provided by PR Newswire via QuoteMedia

[Stocker1]

DETROIT, Aug. 2, 2021 /PRNewswire/ -- Rocket Companies (NYSE: RKT) today announced it is launching into the solar energy industry. The company will be leveraging the same technology, data and client experience that has revolutionized the mortgage, real estate and personal lending spaces to help Americans make their home more energy efficient.

[Stocker1]

Wow, big volume surge. Whats up?

[Nivea67515]

This fluff news ain’t gonna move RKT stock at all lol

[ProfitScout]

$RKT in the news here: Lendesk Expands Lender Spotlight with New Alternative Lending Section, Providing Mortgage Brokers Easier Connection to Wide Selection of Lenders

Brokers are now able to leverage a new feature in Lender Spotlight, helping them easily find the right mortgage for their clients

VANCOUVER, BC, July 28, 2021 /CNW/ -- Lendesk Technologies, the premier FinTech provider for Canada's mortgage professionals, and a part of Rocket Companies (NYSE: RKT), today announced its newly created alternative lending section in the company's Lender Spotlight mortgage product – the most complete and accurate digital database of rates and policies for Canada's best mortgage brokers.

Lendesk logo, announced as part of the FoC on April 24, 2019 (PRNewsfoto/Lendesk)

"Canadian mortgage professionals already leverage Lender Spotlight to connect with thousands of lender products," said Alex Conconi, Founder and CEO of Lendesk. "Now, brokers can expand their search to access alternative lenders to ensure they are delivering the best possible loan for their clients. Lender Spotlight was designed to ensure our broker partners are able to deliver their clients the right loan for their situation and this expansion has significantly advanced that mission."

The alternative lending section of Lender Spotlight currently features more than 20 lenders - including Alta West, VWR Capital, Alpha August Real Estate Advisory (AAREA), and Fisgard. Lendesk will be adding additional lenders to the product each week. Mortgage brokers can access the alternative lending section of Lender Spotlight at no cost by visiting LenderSpotlight.ca.

Since launching Lender Spotlight, Lendesk has made significant investments in the database to best serve partners, including the addition of the Compare and Share feature last year. Through this feature, mortgage brokers across the country compare different lenders' mortgage rates and comprehensive policies, line-by-line, in real-time. Brokers can then export them as a package to be easily shared with clients in a secure, professional and accessible way.

Lender Spotlight is also integrated with Finmo, Lendesk's digital mortgage application product. Through this integration, brokers can use Lender Spotlight to search and qualify thousands of products and suggest the best loan options based on specific deal criteria.

About Lendesk

Lendesk is a Canadian technology company that is modernizing the mortgage industry for mortgage professionals and lenders. Lendesk operates Finmo, Lender Spotlight, Gateway and Enterprise solutions, with more than 10,000 mortgage brokers using its products. Secure integrations with other industry providers make for an enhanced user experience, while robust bank-grade security measures provide peace of mind. Lendesk was founded in 2014 by former Mortgage Broker Alex Conconi of Conconi Growth Partners.

Headquartered in Vancouver, British Columbia, the Lendesk team is composed of world-class software developers, app designers and online security experts. Lendesk is SOC 2 audited annually by KPMG.

For more information and company news, visit http://www.Lendesk.com.



Cision View original content to download multimedia:https://www.prnewswire.com/news-releases/lendesk-expands-lender-spotlight-with-new-alternative-lending-section-providing-mortgage-brokers-easier-connection-to-wide-selection-of-lenders-301343003.html

SOURCE Lendesk

[EternalPatience]

Does it sound familiar???



Making billions and why the stock price is where it is. :)

Deja Vu

[not one red cent ~NORC~]

And here we sit below IPO price with a company that reported billions in profit.

Makes no damn sense.

[ProfitScout]

$RKT News: Sea to Shining Sea: Rocket Homes Real Estate Search Now Available in All 50 States

DETROIT, July 20, 2021 /PRNewswire/ -- Rocket Homes, a tech-based real estate service provider and a part of Rocket Companies (NYSE: RKT), today announced its growing home search tool now includes listings from all 50 states. In addition to housing information on every major metropolitan area across the country, the home search tool also provides exclusive data-rich intelligence to ensure buyers are fully informed before making an offer on the home of their dreams.

"By pairing the ability to quickly find the perfect home for you, along with proprietary market intelligence not available on any other site, Rocket Homes has developed a truly game-changing platform that gives a much-needed competitive advantage in today's incredibly hot housing market," said Doug Seabolt, CEO of Rocket Homes. "Moving beyond the initial home search, through the complementary integration between sister companies Rocket Homes, Rocket Mortgage and Amrock, we've cracked the complexity of the purchase process to create the most seamless end-to-end experience – making what is a traditionally challenging transaction a simple one."

Rocket Homes dives deeper than other home listing sites by providing users with Housing Market Reports. These insights deliver data in an easy-to-consume format, including median list price compared to nearby cities, monthly analysis of number of homes for sale by bedroom count and year-over-year comparison of average days on market. Housing Market Reports help buyers quickly develop a deep understanding of the area they are looking at, right as they begin their home search - allowing buyers and agents alike to move faster, and with more certainty, in the offer process.

Along with having one of the most comprehensive home listing sites on the internet, Rocket Homes prepares consumers for the homebuying experience through industry-leading credit monitoring tools, educational materials and trainings to help homebuyers boost their credit score and ensure they are ready to buy a house. These resources were developed in-house using proprietary technology and are used by clients of many of the businesses across Rocket Companies.

"Rocket Homes achieving 50-state home search is a testament to how Rocket Companies is leveraging data and technology to move the needle - ensuring our clients have the most intuitive solutions to some of life's most complex financial transactions," said Jay Farner, CEO of Rocket Companies. "Americans crave simplicity and certainty when they are navigating major life changes. We are opening the door to more and more consumers who have traditionally shied away from the market by continuing to innovate and deliver industry-leading client experiences."

In addition to home search, Rocket Homes has an expansive Partner Agent Network – a nationwide group of the best real estate professionals who consistently receive top ratings from the clients they serve. The network consists of thousands of agents in more than 3,000 counties. When a homebuyer enters the Rocket platform, they have the ability to be matched with a Rocket Homes Partner Agent based on their precise needs and location. The real estate professional can then use the Rocket Pro Insight tool to help guide their clients through the mortgage process.

The number of visitors to Rocket Homes' website increased more than 300% in the first quarter, as compared to the same quarter last year. Additionally, the number of homebuyers the company connected to Partner Agents in the same period rose 50% year-over-year.

About Rocket Homes
Rocket Homes is a tech-based real estate service provider and home search site which is a part of Rocket Companies (NYSE: RKT). It manages a nationwide Partner Agent Network that includes some of the nation's top agents from 3,000 different counties and has assisted nearly one million consumers with their home buying and selling needs. All of its Partner Agents are prescreened and demonstrate exceptional client service, knowledge and experience in their local communities. Rocket Homes hosts a website and mobile app consumers can use to search for homes, connect with a real estate professional and obtain mortgage approval through sister company Rocket Mortgage - creating a seamless, fully integrated home buying and selling experience. For more information, please visit http://www.RocketHomes.com.

Cision View original content to download multimedia: https://www.prnewswire.com/news-releases/sea-to-shining-sea-rocket-homes-real-estate-search-now-available-in-all-50-states-301337668.html

SOURCE Rocket Homes


Copyright 2021 PR Newswire

[Porterhouse10]

Nope, I'll buy here soon!

[Nivea67515]

trying to catch a falling knife !!

[Porterhouse10]

Come to Papa!

[Porterhouse10]

RSI 36.64 I'll add when it hits 30 or below $RKT

[Porterhouse10]

Hmmmmm....

[Stocker1]

Yea, whatever. I stopped listening to these analysts a long time ago.

Thanks for the post though

[Nivea67515]

RKT downgraded this morning at Jeffries.

[Nivea67515]

This requires a subscription and we can’t read it. All I know is RKT was one of the only stocks in the market that closed red today. I’m reading online that more people want to take legal action against these guys for misleading guidance at relevant times.

[ProfitScout]

$RKT in the news: The @DetroitNews took at look at Rocket Auto, showcasing what the business does and how it fits in the $RKT platform.
Twitter Link:

The @DetroitNews took at look at Rocket Auto, showcasing what the business does and how it fits in the $RKT platform. Read the article here: https://t.co/ngzQJRfK58

— Rocket Companies (@RocketCompanies) July 8, 2021

[Stocker1]

Volume alert

[Nivea67515]

Gilbert’s gotta be loving this golf tourney coverage though. Going into the 5th playoff hole right now.

[Nivea67515]

Detroit Free Press, June 29th 8:16 P.M. : Detroit based RKT companies was hit Tuesday w/ a shareholder lawsuit accusing firm & executives of giving misleading guidance that the suit says artificially boosted RKT stock price in the weeks before founder Danny Gilbert & his wife sold 20.2 million shares worth up to $500 million. The lawsuit filed in Detroit claims RKT executives were extremely optimistic to the point of deception & fraud earlier this year when forecasting the anticipated “gain on sale” margin for its loans. But once the May 5th release of 1st quarter earnings were showing these margins were shrinking fast , the stock price dropped from $22.80 a share all the way down to $19.00. During that May earnings call, RKT CFO Julie Booth admitted that the trend toward sinking gain on sale margins began at the “end of Q1” the lawsuit says. A RKT companies rep did not respond to a request for comment.

[Nivea67515]

This ain’t the first lawsuit that rocket has been hit with over the years . Back in 2015 they were hit with a lawsuit for shady practices in their FHA lending business . Glad I exited this for more COIN$$$ shares. The market is up big ever since this IPO and look what rkt shareholders have to deal with - another law suit sent to the boys from the D!

[not one red cent ~NORC~]

RKT shareholder lawsuit cites Gilbert's $500M Detroit gift

https://www.freep.com/story/money/business/2021/06/29/rocket-companies-shareholder-lawsuit-dan-gilbert-500-million-gift/7805546002/

[Stocker1]

Stock is under serious hostage. Company making mega bucks but trades on 10ths of a cent. Going to take a LOT of momentum to get it to move.

It’s my opinion the shorts nor the institutions will let it go until they are satisfied with THEIR positions.

Doesn’t seem to matter what Jay or Dan do at this point in my opinion.

[HelloKitty8]

Bought some in the low 19's today. Will be adding. =)

[Stocker1]

Another volume pop.

[Porterhouse10]

I'll buy when RSI HITS 30 and below

[not one red cent ~NORC~]

I'm going to give it at least 12 months, which is coming up fast. I gave up too soon on FB and don't want a repeat of that.

I'm still in disbelief that RKT went from $20s to $40s and then back below IPO price in about a week, all while reporting billions in profit.

GLTA

[Nivea67515]

I’m Changing my views here. I will no longer be looking to add as this stock has proven to be a “no mover” . I would say to hold or sell rkt and look into other plays like Amazon that are for sure heading higher. At the end of the day it is a mortgage company - probably why hard for investors to get excited about it.

[ProfitScout]

THE UNIVERSITY OF WINDSOR PARTNERS WITH ROCKET INNOVATION STUDIO, UNVEILS PROGRAM PREPARING STUDENTS FOR HIGH-DEMAND TECH JOBS

WINDSOR, ON , June 17, 2021 /PRNewswire/ -- The University of Windsor (UWindsor) today unveiled a partnership with Rocket Innovation Studio , an innovative downtown Windsor -based technology leader, to create a pipeline of highly trained professionals who will thrive for years to come in the region's tech careers.

Headquartered in downtown Windsor, Ontario, Rocket Innovation Studio builds customized IT solutions to meet its clients’ business needs by using and developing the most advanced technology on the market today. Rocket Innovation Studio serves, and is a part of, Rocket Companies (NYSE: RKT) helping drive some of North America’s most innovative companies. For more information and company news visit RocketInnovationStudio.ca

Rocket Innovation Studio will deliver a series of workshops, beginning this month, for students in the Master of Applied Computing (MAC) program. The workshops will focus exclusively on financial technology (FinTech), a rapidly growing field in Ontario .

"This is an exceptional opportunity for our students," said Ziad Kobti , director of UWindsor's School of Computer Science. "We are creating a connection with the FinTech industry. Rocket Innovation Studio is looking for tremendous talent, and we are training our students to match industry's needs."

The first of four online workshops begins tomorrow, June 18 . The for-credit programs are mandatory for UWindsor MAC students, but others in the University's computer science program can also enroll.

"With our growing presence in the Windsor tech community, Rocket Innovation Studio is playing a key role in preparing students for a successful future," said Jasen Sams , vice president of Rocket Innovation Studio. "Students will see real-life examples of the concepts they are learning in the classroom and experience first-hand how technology can improve experiences for consumers across North America ."

Rocket Innovation Studio opened in 2019, contributing to Windsor's downtown revitalization when it moved into the former Fish Market building on Chatham Street.

The company provides tech solutions to the businesses it serves, including back-end and front-end development, data science and product development. Rocket Innovation Studio is a member of Rocket Companies (NYSE: RKT) and serves the tech needs of other FinTech enterprises on the Rocket Companies platform. These include Rocket Mortgage – the largest mortgage lender in the United States – along with tech-driven real estate brokerage Rocket Homes and online vehicle sales company Rocket Auto.

"The partnership with Rocket is important," said Dean of Science Chris Houser, whose faculty houses the School of Computer Science. "This provides an exciting opportunity for our students, supports economic growth and enhances the diversification of the Windsor - Essex region."

UWindsor's School of Computer Science has been cited in past years by Maclean's magazine as one of the top computer programs in the country. The University's MAC program has also been named one of the best computer science programs in Canada , attracting students from around the world.

The MAC program, which offers a specialization in artificial intelligence, helps address a national shortage of skilled workers in computing and data science. It also offers paid internships of four to eight months. More than 94 per cent of students in the program earn paid internships and 100 per cent find employment upon graduation.

"This is an elite program that arms students with the advanced computing skills that are in demand by industry," Kobti added.

Last year, UWindsor partnered with Blackberry on a 10-week online course. The mandatory course for MAC students was dubbed Blackberry Bootcamp and focused on cybersecurity.

"Our MAC students have a very high rate of finding permanent employment following graduation," said Johanna Beneteau , business development co-ordinator in the UWindsor's department of Co-operative Education and Workplace Partnerships. "These industry-partnership courses will only enhance that."

About University of Windsor

The University of Windsor is a progressive, student-centred university, where the challenges of communities and of a world in transition inform the education we provide, the research we do, and the creative endeavours we pursue. For more information, visit UWindsor.ca

About Rocket Innovation Studio

Headquartered in downtown Windsor, Ontario , Rocket Innovation Studio builds customized IT solutions to meet its clients' business needs by using and developing the most advanced technology on the market today. Rocket Innovation Studio serves, and is a part of, Rocket Companies (NYSE: RKT) helping drive some of North America's most innovative companies. For more information and company news visit RocketInnovationStudio.ca

CisionView original content to download multimedia: http://www.prnewswire.com/news-releases/the-university-of-windsor-partners-with-rocket-innovation-studio-unveils-program-preparing-students-for-high-demand-tech-jobs-301314814.html

SOURCE Rocket Innovation Studio

News Provided by PR Newswire via QuoteMedia

[HelloKitty8]

Not yet. JMO =)

[Porterhouse10]

Gettin ready here

[InkynClyde]

Set sails for the big top

[Nivea67515]

Danny G & mortgage crew in Detroit can’t be happy ! Down goes the rocket ship! Damn!

[Porterhouse10]

Gotcha thx

[HelloKitty8]

Wait for it to bottom (per indicators), she is slow but sure. =)

[Porterhouse10]

Sold yesterday $22.35, awaiting reentry, 1st swing here

[HelloKitty8]

See what I mean? Beautiful! =)

[HelloKitty8]

$RKT one of the easiest stock to swing. JMO =)

[Porterhouse10]

Let's hope loaded the 22 RSI with low to mid 16's$

[HelloKitty8]

$RKT starting again. =)